What's a MILIT?

So what do you offer a client no longer threatened by the federal estate tax in this new normal of estate planning?

Maybe it is time to consider the new Swiss Army knife of planning: the multipurpose irrevocable life insurance trust, or MILIT.

Many wealthy clients already have irrevocable life insurance trusts, or ILITs, to hold life insurance. An ILIT protects life insurance proceeds for a surviving spouse and minor children, prevents creditors from reaching proceeds and has other benefits.